How to Ensure Your Home Business Is Set Up For Success

by Katie Conroy

If you operate a home business or are seriously contemplating starting one, you may have already discovered that your current house is not up to the task of providing you with both an adequate home and an adequate business location. Old Dawg’s REI Network knows what a challenge this can be, but there is good news! You don’t have to live that way.

Perform an Assessment

Creating an ideal environment for both your personal and professional lives to thrive can be tough, but it can be done! Start by taking a hard look at your home, and decide what it is about it that might be holding you back.

For instance:

• It may have insufficient overall space.
• It may require that your office is a corner of the kitchen, dining room or a bedroom rather than a dedicated space.
• The atmosphere may make the wrong impression on visiting clients.
• It may not have a separate entrance that allows your customers or clients to come and go without tripping over your children’s toys, meeting your dog or having to deal with other situations not conducive to a business atmosphere.
• Your city or neighborhood may have zoning laws that forbid home businesses.
• Your driveway and sidewalk may be too narrow, sloped or full of barriers that deny access to your disabled customers or clients.

Search for Solutions

Sometimes solutions are right in front of you. For instance, transforming a garage into your office area might offer more elbow room, a barrier-free entrance, better privacy, and a separate entryway for visiting clients.

However, even if your current home’s limitations make it necessary for you to buy a new one to accommodate both your family and your business, this is easier said than done if you also have a current debt crisis. Unfortunately, financial problems are an all-too-common problem for today’s families. There are many reasons you might be struggling with funds:

• Insufficient income
• Job loss
• Insufficient savings
• Accumulation of too much debt
• Unexpected healthcare costs
• Overall financial disorganization

Reducing Debt for an Upgrade

If you already have too much debt, there are several steps you can and should take before attempting to buy a home. Even if you can’t find a super quick fix, spending the time now to reduce your debt will serve you well when you begin your new home search.

According to the Federal Trade Commission, you have the following financial relief options when attempting to reduce your debt:

• Self-help
• Debt relief services
• Debt settlement services
• Debt consolidation loan
• Credit counseling
• Bankruptcy

You can get a free analysis to help determine your best direction. Whichever option you choose, once you get your debt under control, you can start to improve your credit score and save for a down payment on your new home.

Buying Your New Home

When you’re ready to buy a new home that will serve both your family and business needs, it’s important to work with a realtor. If your real estate agent belongs to the National Association of Realtors, you can be assured that he or she has access to the continuing education necessary to keep his or her knowledge and skills up to date.

Depending on which realtor you decide to work with, they may offer any of the following services:

• A furnishings allowance that you can use for such things as new furniture, lighting, window treatments, rugs, fans, arts and accessories
• A professional interior design evaluation of your current home
• Discounted listing fees to help you sell your current home
• A comprehensive marketing plan for selling your current home that uses such resources as the Web and social media
• Access to local home inspectors, contractors, interior designers, service providers, property managers, lending professionals, title and escrow companies, painters, gardeners, plumbers, electricians, home warranty companies and more to provide you with the best service possible

All in all, getting your financial house in order, beginning today, is one of the best things you can do for yourself and your family. Not only will it substantially reduce the stress under which all of you, including your children, are probably living, but it’s your first step toward buying the new home that will allow you to successfully run and operate your home business.

Are you a retiree or soon-to-be retiree who’s interested in pursuing real estate investment? Then you’ve come to the right place! At Old Dawg’s REI Network, you have access to tons of great tools and resources to help you launch your real estate investing business.